1920-S $20 MS64 PCGS....

Description

1920-S Saint-Gaudens Twenty, MS64Superb Luster, Color, and StrikeOne of the Keys to the Series

1920-S $20 MS64 PCGS. A prized rarity in the Saint-Gaudens
double eagle series, the 1920-S holds a unique historical position
in that assemblage. Before the United States entered the First
World War, gold twenties actually circulated in the western part of
the country. Coins from that early period are more available today
than many later dates, such as the 1920-S. The war brought
inflation, with consequent rising prices in gold and other metals.
Double eagle production in San Francisco was halted in 1916 and did
not resume until 1920. A large mintage of 558,000 pieces was
produced at the San Francisco Mint that year, but the commercial
role of the double eagle had changed. The big gold coins no longer
circulated freely, and ordinary citizens seldom saw them. Instead,
the government and the banking system kept the coins in
reserve.
They served two purposes: The government used some, stored in mint
bags, to redeem Gold Certificates. Other coins were used as specie
payments to foreign governments and banks. Private ownership of
gold was essentially illegal after the Gold Recall Act of 1933.
Most of the government-held coins were melted in 1937, converted
into gold bars, and transported to Fort Knox. The coins used in
international trade largely escaped this fate, and many of them
were found decades later in European banks. Enough circulated
specimens of the 1920-S exist to suggest that a few bags may have
reached circulation, but examples have never been readily
available. Almost all of the mintage was melted. The 1920-S issue
was the earliest date subject to this destruction, and it is
demonstrably scarce today.
Collecting large-denomination gold coins became popular for the
first time during the 1940s. Some of the greatest collections of
that era included specimens of the 1920-S double eagle. One
appeared in the Belden E. Roach Collection (Mehl, 2/1944), lot 262.
Mehl's terse lot description reads, "Uncirculated, sharp, with full
mint luster. Scarce." Similar brief descriptions were noted in the
J.F. Bell Collection (Stack's, 12/1944), lot 986, and in the
World's Greatest Collection (Numismatic Gallery, 1/1946), lot 1026.
These early appearances helped establish the 1920-S as a rare and
desirable coin, but it was the Dr. Charles W. Green Collection
(Mehl, 4/1949), lot 877 that really put the coin on the map.
Mehl's lot description expanded to eight lines on this occasion. He
noted that Dr. Green had purchased the coin at the Bell sale for
$160 and asserted it was, "One of the most difficult dates and
mints of the Double Eagles to obtain." The Green sale had a
dramatic effect on double eagle collecting in general. To quote
David Bowers in A Guide Book of Double Eagle Gold Coins,
"Collectors and dealers went wild, and great interest was focused
on later-date mintmarked double eagles. It is likely that at least
several dozen collectors decided to make this a specialty." The
numismatic public became aware of the scarcity of the later-date
double eagles for the first time, and demand for them has increased
steadily until the present day.
In recent times, many numismatic scholars have studied the rarity
of the 1920-S. Walter Breen estimated that less than a dozen
examples survived, a figure demonstrably too low in view of current
population data. David Akers considers the issue to be the seventh
rarest in the Saint-Gaudens double eagle series. In his 2006 book
mentioned above, Bowers estimated that there were 45-60 circulated
specimens extant, and perhaps 40-60 examples in Mint State grades.
The current population reports from NGC and PCGS reflect a combined
total of 25 examples in MS64, with only eight finer. Clearly, at
the near-Gem level, the date is rare. The two finest-known coins
are the MS66 Duckor example and the MS66 Eliasberg/Duckor/Morse
coin. Only four coins are currently certified at the Gem level, so
trying to improve on the present coin's MS64 grade will be a
daunting challenge.
The present coin is a dazzling example of this rare and popular
date. The surfaces display soft, frosty luster with a better than
average strike. Crisp detail appears on the berries on the olive
branch, and the pillars of the Capitol building can be individually
counted--areas frequently soft on this issue. Few abrasions show
for the grade, although a planchet void near the eagle's beak
serves as a pedigree marker. The surfaces have attractive, reddish
patina yielding to olive at the rim. Outstanding eye appeal,
rarity, and historical importance make this a prize for the
discerning collector. Population: 12 in 64, 6 finer (2/10).Ex: Long Beach (Heritage, 6/2000), lot 7702; Philadelphia 2000
(Heritage, 8/2000), lot 7599; Benson II (Goldberg, 2/2002), lot
2271.From The Carter Family Collection.(Registry
values: N10218) (NGC ID# 26FZ, PCGS# 9171)

The Coinage of Augustus Saint-Gaudens is an issue-by-issue examination of these two artistically inspired series of gold coins.
Each date and mintmark is reviewed with up-to-date information, much of which has never been previously published. The book is based on
two extraordinary collections: The Phillip H. Morse collection and the Dr. and Mrs. Steven L. Duckor collection.

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